Utah Admin. Code R966-1-37 - Finders

(1) No person or company shall be entitled to a fee for discovering presumptively abandoned property until it has been in the custody of the administrator for at least 24 months. Fees for discovering property that has been in the custody of the administrator for more than 24 months shall be limited to not more than 20% of the amount collected.
(2) Notwithstanding anything in this Section to the contrary, a licensed attorney, licensed CPA or a licensed CPA firm may pursue a claim for recovery of specifically identified property held by the administrator or to contest the administrator's denial of a claim for recovery of the property provided he or she has an attorney-client relationship with the apparent owner.
(3) For claims in which a finder is assisting an apparent owner, the following shall be submitted to the administrator:
(a) A signed, dated, and notarized copy of the contract between the finder and the apparent owner which satisfies the requirements of the Act and specifies the obligations of the parties as well as the fee arrangement between the finder and claimant; and,
(b) If the finder charges a contingent fee, a copy of the active private detective license issued by the Utah Department of Public Safety, Bureau of Criminal Identification (BCI) to the finder.

Notes

Utah Admin. Code R966-1-37
Adopted by Utah State Bulletin Number 2020-05, effective 1/22/2020

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